Why fee transparency on apartment listings & websites is your secret leasing tool

Websites and ILS platforms are where (lots of) apartment marketing happens. Both show information about your community, apartments for rent and, ideally, details like pricing.

But are you showing every single fee associated with renting at your community? If not, should you be?

According to our experts — and renter survey data — the answer is yes. Today’s renters expect transparency, especially when it comes to pricing and fees.

If you’re not quite convinced … stick with us! We’ll cover what fee transparency on apartment listings and websites looks like, then we’ll get into why it’s important and three things you can do.

Get a short video overview

Prefer to watch and learn? See Esther Bonardi explain it in the latest Big Idea episode.

She covers the basics on fee transparency, along with reasons why it’s a smart move for marketers.

What is fee transparency?

Fee transparency is a fairly simple concept: It’s showing all fees associated with renting an apartment at your community.

Renters should be able to see everything upfront, including monthly rent, application fees, move-in costs and everything in-between. Situational fees (like late fees or pet fees) are important to show too.  

You want to give prospective renters clear, easy-to-access information as they search for a place to live. That means no surprises as they engage with your communities — and eventually lease — in terms of pricing and fees.

As we alluded to earlier, fee transparency doesn’t just apply to your ILS listings. The concept holds true for marketing websites. Make sure you prioritize fee transparency across the board, that way renters get the same clarity wherever they’re searching.

Here’s why it’s important

According to a recent housing trends report, 94% of renters agree that listings should clearly display fees upfront. That’s a pretty staggering number (and one that apartment marketers should pay attention to).

It’s a big reason why fee transparency is so important. Renters have made it clear it’s what they want and expect. So, with fee transparency included in your advertising, you can build trust and stand out. Especially in a competitive rental market.

By disclosing fees from the jump, you also:

• Drive realistic choices
• Improve lead quality
• Streamline leasing
• Boost closing ratios

The idea is that by showing every fee associated with renting at your community, you end up with leads who know they can afford it. You’re bringing in renters who can realistically move forward and sign a lease.

And there’s one more reason fee transparency matters. In some areas, disclosing all fees online is required by law. You may hear this referred to as all-in pricing mandates or total-price disclosure laws.

Case in point, fee transparency can help you improve compliance and reduce the risk of legal disputes.

Disclaimer: We’re acknowledging the trend toward all-in pricing mandates, but this is not legal advice. Consult experts as needed to understand what’s required in your area.

How to get started

Ready to make your communities stand out with fee transparency? Here are three to-dos for apartment marketers. 

1. Ensure all fees are accurately entered into your property management system
2. Display pricing and fees clearly across your website and apartment listings
3. Highlight your transparent pricing in promotional ads and social posts

If you’re looking for help, our experts are here for you.

Starting with your apartment listings: Check out RentCafe.com. It’s the industry’s only ILS with flexible advertising today, and we make it easy to disclose all fees.

Ready to build or revamp your website — and easily incorporate fee transparency? RentCafe websites can pull your fee data from Yardi Voyager to display all costs. They can even create a cost estimate for your prospective renters.

Check out an example

Ok, you might be wondering what fee transparency actually looks like. We’ve got you!

You can watch Esther’s video if you haven’t already, or explore this example from a RentCafe website.

With the RentCafe cost estimate tool (found under “estimate your costs”), renters can adjust move-in date, lease length and services to see what they’ll be paying.

Want to learn more about fee transparency?  

If you’re looking to chat about fee transparency or anything else, send us a message. Our digital marketing experts are happy to help with whatever you need.

In the meantime, read these related articles from our favorite blog (spoiler, it’s ours):

New ILS data: When are renters really looking, engaging & leasing?

Apartment listings: 7 things you need for better ILS performance

Introducing flexible apartment listings: Low-cost advertising for multifamily marketers